FIPB approved GSK proposal to buy 24.33% more in Indian arm
The proposal is worth Rs 6,400 crore to acquire 24.33% additional stake in the Indian arm.
New Delhi, January 15, 2014: The Foreign Investment Promotion Board (FIPB) has approved GlaxoSmithKline's (GSK) Rs 6,400 crore proposal to acquire additional 24.33 per cent stake in its Indian arm.
The Singapore subsidiary of the UK-based company plans to buy 24.33% stake in GlaxoSmithKline Pharmaceuticals through an open offer and the proposal will result in foreign exchange inflow of almost Rs 6,400 crore.
It may be noted here that GlaxoSmithKline Pharmaceuticals is already majority owned and controlled by GSK Group and after the additional investment, the holding of the promote group firms will go upto 75 per cent from the current level of 50.67 per cent.